Citigroup Inc. Boosts Position in PBF Energy Inc. (NYSE:PBF)

Citigroup Inc. boosted its holdings in PBF Energy Inc. (NYSE:PBF) by 30.8% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 158,963 shares of the oil and gas company’s stock after purchasing an additional 37,400 shares during the quarter. Citigroup Inc.’s holdings in PBF Energy were worth $4,920,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. National Bank of Canada FI purchased a new stake in PBF Energy in the second quarter valued at $26,000. CWM LLC grew its holdings in shares of PBF Energy by 108.6% during the second quarter. CWM LLC now owns 1,093 shares of the oil and gas company’s stock worth $50,000 after purchasing an additional 569 shares during the last quarter. Harbor Capital Advisors Inc. acquired a new stake in shares of PBF Energy during the third quarter worth about $59,000. Blue Trust Inc. lifted its holdings in shares of PBF Energy by 1,291.1% in the 3rd quarter. Blue Trust Inc. now owns 2,184 shares of the oil and gas company’s stock valued at $68,000 after purchasing an additional 2,027 shares during the last quarter. Finally, Farther Finance Advisors LLC boosted its position in shares of PBF Energy by 27.9% in the 3rd quarter. Farther Finance Advisors LLC now owns 2,626 shares of the oil and gas company’s stock valued at $81,000 after purchasing an additional 573 shares during the period. 96.29% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider Control Empresarial De Capital purchased 670,000 shares of the stock in a transaction that occurred on Wednesday, September 11th. The stock was acquired at an average price of $31.29 per share, with a total value of $20,964,300.00. Following the completion of the acquisition, the insider now directly owns 22,527,398 shares in the company, valued at approximately $704,882,283.42. This trade represents a 3.07 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In the last 90 days, insiders acquired 4,743,400 shares of company stock worth $149,170,517. 5.30% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on PBF shares. The Goldman Sachs Group decreased their price objective on PBF Energy from $45.00 to $39.00 and set a “neutral” rating for the company in a report on Friday, October 4th. Mizuho lowered their price objective on shares of PBF Energy from $36.00 to $33.00 and set a “neutral” rating on the stock in a research report on Monday, November 4th. Morgan Stanley reduced their target price on shares of PBF Energy from $48.00 to $38.00 and set an “equal weight” rating for the company in a report on Monday, September 16th. Piper Sandler downgraded shares of PBF Energy from a “neutral” rating to an “underweight” rating and decreased their target price for the stock from $47.00 to $25.00 in a research note on Friday, September 20th. Finally, Bank of America began coverage on PBF Energy in a research report on Thursday, October 17th. They issued an “underperform” rating and a $25.00 price target on the stock. Five investment analysts have rated the stock with a sell rating, ten have issued a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $34.18.

PBF Energy Stock Performance

Shares of PBF stock opened at $32.71 on Tuesday. The company has a market capitalization of $3.77 billion, a price-to-earnings ratio of -12.63 and a beta of 1.56. PBF Energy Inc. has a 1-year low of $27.94 and a 1-year high of $62.88. The company has a current ratio of 1.34, a quick ratio of 0.65 and a debt-to-equity ratio of 0.21. The stock’s fifty day simple moving average is $31.45 and its 200-day simple moving average is $37.01.

PBF Energy (NYSE:PBF) last issued its quarterly earnings data on Thursday, October 31st. The oil and gas company reported ($1.50) earnings per share for the quarter, missing the consensus estimate of ($1.41) by ($0.09). PBF Energy had a negative net margin of 0.84% and a negative return on equity of 2.84%. The business had revenue of $8.38 billion for the quarter, compared to the consensus estimate of $8.27 billion. During the same period in the previous year, the business posted $6.61 EPS. PBF Energy’s revenue was down 21.9% compared to the same quarter last year. On average, sell-side analysts predict that PBF Energy Inc. will post -2.86 earnings per share for the current fiscal year.

PBF Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, November 27th. Shareholders of record on Wednesday, November 13th were given a $0.275 dividend. The ex-dividend date was Wednesday, November 13th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.36%. This is an increase from PBF Energy’s previous quarterly dividend of $0.25. PBF Energy’s dividend payout ratio (DPR) is currently -42.47%.

PBF Energy Company Profile

PBF Energy Inc, through its subsidiaries, engages in refining and supplying petroleum products. The company operates in two segments, Refining and Logistics. It produces gasoline, ultra-low-sulfur diesel, heating oil, diesel fuel, jet fuel, lubricants, petrochemicals, and asphalt, as well as unbranded transportation fuels, petrochemical feedstocks, blending components, and other petroleum products from crude oil.